Whalesbook
Dekho bhai, SEBI ne ab IPO laane wali companies ke liye kuch naye rules laaye hain, kyunki primary market mein fundraising kaafi gir gayi hai. Ab companies ko public issues ke liye approval letters ki validity extend kar di gayi hai, aur sabse important, woh apna IPO size 50% tak (badha ya ghata kar) adjust kar sakti hain bina dobara filing kiye. Haan, iske liye SEBI ki approval aur kuch conditions zarur puri karni hongi. Yeh sab tab ho raha hai jab duniya mein conflicts ki wajah se market mein kafi gadbad (volatility) hai aur investors thode dar dar ke chal rahe hain.
Market ka haal dekho toh pichle quarter (Q4 2025) mein jahan companies IPO se average ₹31,757 crore raise kar rahi thi, wahi is quarter (Q1 2026) mein yeh figure gir kar sirf ₹5,610 crore reh gaya hai. Iska reason global tensions hain jisse inflation aur oil prices badhne ki chinta hai, aur Nifty 50 bhi girne laga hai. Retail investors bhi ab bahut savdhan ho gaye hain. FY26 mein February tak retail investment ₹33,537 crore thi, jo FY25 ke ₹1.59 lakh crore se bahut kam hai. IPO listing par milne wala profit bhi bahut gir gaya hai, pehle ki tarah aasani se paisa nahi ban raha. Ab investors company ki asli value aur kamai par zyada dhyan de rahe hain.
Lekin bhai, ismein ek risk bhi hai. SME platform par pehle bhi governance issues aur manipulation ke mamle aaye hain. Jaise ki First Overseas Capital Ltd (FOCL) ke mamle mein dekha gaya, jahan ₹100 crore tak ka IPO ka paisa galat tarah se 20 SME listings mein use hua. Yeh naye rules kahin un companies ko fayda na pahuncha dein jo mushkil mein hain, aur retail investors ko nuksan ho jaye. Market ki natural adjustment ko rok kar speculative trading phir se shuru ho sakti hai.
Isliye, analysts keh rahe hain ki SEBI ne companies ko relief di hai, lekin investors ko abhi bhi bahut savdhan rehne ki zarurat hai. Koi bhi IPO size reduction ho toh uske peeche ki wajah zaroor check karein. Yeh relaxations September 30, 2026 tak valid hain. Umeed hai market shaant hoga aur investors ka bharosa wapas aayega.